Hildebrand pulls bid for Vista Outdoor ammo unit

Catch up quick: In October 2023, Vista signed the agreement with the Czechoslovakia Group.

• One of the rival bidders, MNC Capital, returned early this year with an offer to buy the entire company — the ammo business and the outdoor gear unit, known as Revelyst. Vista has recommended shareholders approve the CSG agreement and has rejected several raised offers by MNC.
• Last week, Vista said it received an offer for its ammo unit, known as the Kinetic Group, for just over $2 billion. Axios later confirmed the bidder was JDH Capital, a private equity firm run by Jeff Hildebrand, a billionaire Texas oilman.
• Axios reported on Friday that JDH was originally part of MNC's initial pursuit of a deal with Vista.

The intrigue: Vista said that JDH pulled out of its Kinetic Group offer due to legal flap with MNC.

What we're watching: With no other bidders for the ammo unit left, Vista is banking on shareholder approval along with a government nod to proceed with the CSG agreement.

Yes, but: MNC continues to pursue a more than $3 billion, all-cash deal for the whole company, worth $39.50 per share.